Binance CEO Changpeng Zhao said Tesla’s Bitcoin sale was “a drop in the ocean”.
Making the statement on Twitter, Binance CEO noted that around 100 billion dollars of Bitcoin is bought and sold every day.
Up to $100 billion of #btc get traded every day. Someone selling $1 billion is a drop in the ocean. https://t.co/jEY9dmLeb2
— CZ 🔶 Binance (@cz_binance) July 21, 2022
Tesla announced the other day that it sold $ 936 million of Bitcoin in the second quarter of 2022.
Tesla CEO Elon Musk cited the quarantines in China as the reason for this sale and stated that the company wants to strengthen its fiat currency reserve. Musk emphasized that they can buy Bitcoin again in the future.
After Tesla news, Bitcoin fell below the $23,000 level.
Tesla’s purchase of Bitcoin at the beginning of 2021 was a big hit, and it was claimed that huge companies such as Facebook and Apple would follow a similar policy. However, there has been no such development so far.
